LAC 19:VII.7223 – Recoveries on Loans Subsequent to Payment of Claim

A. If subsequent to the payment of a loss claim by LEDC the lender recovers from the borrower, from liquidation of collateral or from any other source, any amount for which lender was reimbursed by LEDC, the lender shall promptly pay to LEDC its 33.33 percent of the amount received that in aggregate exceeds the amount needed to fully cover the lender's loss on the enrolled loan, for deposit in the loss reserve account.

AUTHORITY NOTE: Promulgated in accordance with R.S. 51:2312 (A)(7), (B)(1) and (B)(3).

HISTORICAL NOTE: Promulgated by the Department of Economic Development, Louisiana Economic Development Corporation, LR 26:2250 (October 2000).